Waypoint Campus Housing, a new investment arm launched by Waypoint Residential, has purchased five student housing properties for $102M.

The Stamford, Connecticut-based firm has been growing its student housing business since 2016 and announced the new student housing affiliate Tuesday. With the addition of the 2,638 beds acquired in this deal, Waypoint owns a total of 3,760 beds worth $160M. The newly bought properties include High View Place in San Antonio, Rebel Place in Las Vegas and Spring Place in Greensboro, North Carolina.

Waypoint Residential focuses primarily on apartment and rental housing properties, and CEO Scott Lawlor said the new student housing platform will fit well with its core business.

"The addition of student housing aligns with our overall strategy to diversify our product offerings within the rental housing market, and we believe it provides terrific risk-adjusted opportunities," Lawlor said in a statement.

"Recession-proof" is often used to describe student housing. Investors flock to the alternative asset for its robust demand and ability to withstand economic downturns. As Millennials increasingly pursue higher education, it is driving demand in the sector. Campus housing attracted about $9B in investment in 2016, according to TH Real Estate, and experts project that strength will continue through this year.